Live Nation, the world’s largest live entertainment company, is one step closer to acquiring a controlling interest in Ocesa Entretenimiento, Mexico’s largest concert promoter and the owner of Ticketmaster Mexico.
The deal, which is expected to become official later this year or in early 2022, according to Variety, would give Live Nation 51 percent ownership of the Latin American company. They are purchasing stakes in Ocesa from Corporacion Interamericana de Entretenimiento (CIE) and Grupo Televisa. The deal will reportedly cost Live Nation $444 million.
Plans to purchase Ocesa began in 2019, but the COVID-19 pandemic delayed the transaction.
“After serving as Live Nation’s touring, festival and ticketing partner in Mexico for years, we know Ocesa is a stellar business with deep roots in live entertainment in Mexico,” Live Nation CEO Michael Rapino said in a statement.
With the acquisition of Ocesa, Live Nation will get a company that owns 13 venues (250,000 seats total) in Mexico and promotes over 3,000 events in Mexico and Colombia annually. Ticketmaster Mexico sells approximately 20 million tickets each year to Ocesa’s music concerts and festivals.
According to Variety, the deal would also give Live Nation an interest in OcesaSeitrack, a booking and artist management company; ICREA, a corporate event company; and Centro Citibanamex, a convention center in Mexico City.
“We are extremely proud to finally join Live Nation,” CIE President and CEO Alejandro Soberón Kuri said in a statement. “This is a natural evolution of our long-standing relationship, and it gives us a unique opportunity to continue OCESA’s 30-year contribution to the development of the Mexican live entertainment industry.”